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Aurobindo Pharma stock rises 4% on pact with CSIR for making Covid-19 vaccine

BusinessToday.In     September 16, 2020

Aurobindo Pharma share price rose 4% today after the pharma firm announced a collaboration with The Council of Scientific and Industrial Research (CSIR) to develop a Covid-19 vaccine.  Aurobindo Pharma share price opened with a gain of 3.66% at Rs 847 against previous close of Rs 818 today.

The share stands higher than 5, 20, 50, 100 and 200-day moving averages. Later, the  stock touched an intraday high of Rs 850.8 rising 4.01%.

The stock has gained 3.68% in one week and risen 81.88% since the beginning of the year. In a year, the share has risen 30% .

However, the pharma stock has lost 5.31% in one month.

Aurobindo Pharma share has gained 9% in 3 years, 19% in 5 years and 708% in 10 years.

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Total 2.66 lakh shares changed hands amounting to turnover of Rs 22.14 crore. Later, the stock pared most gains and closed 1.66% or Rs 13.55 higher at Rs 831.55.

"Under the agreement between CSIR-Centre for Cellular and Molecular Biology (CCMB) and Aurobindo Pharma, Aurobindo will partner with CSIR for development of several novel COVID-19 vaccines. Three  CSIR  labs  namely  CCMB  Hyderabad,  Institute  of  Medical  Technology  (IMTECH),  Chandigarh  and Indian  Institute  of  Chemical  Biology  (IICB),  Kolkata  are  developing  vaccine  candidates  using  different technology  platforms.  Aurobindo  will  undertake  clinical  development  and  commercialization  of  the vaccines," the pharma firm said.

Aurobindo is already developing a vaccine for SARS COV-2 through its wholly owned US subsidiary Auro Vaccines.

In Q1 of current fiscal, Aurobindo Pharma reported a 22.81 per cent rise in its consolidated net profit to Rs 780.68 crore for the quarter ended on June 30, 2020, mainly on account of robust sales in the US market. The company had posted a net profit of Rs 635.68 crore for the corresponding period of the previous fiscal.

Consolidated revenue from operations of the company stood at Rs 5,924.78 crore for the quarter under consideration. It was Rs 5,444.60 crore for the same period a year ago.

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